SVAL
iShares US Small Cap Value Factor ETF
stock BATS ETF

I realize the audacity involved with posting here about something the Bogle philosophy does not recommend, but I am curious about how people here who don't just VT and chill analyze ETFs against each other. For full transparency, I am almost finished with putting together a Roth IRA loosely based on Paul Merriman's portfolio while keeping the global market weight (\~65% US, \~35% International). I want to hold for the next 30+ years. I want it to look something like this, with a 10% tilt toward Small Cap Value and 5% toward Emerging Markets, and I'd like 5% in the US Energy sector:
* 50% US LCB (500): SPYM (.02%)
* 5% US SCB: FSMD (.15%)
* 5% US SCV: AVUV (.25%)
* 5% US Energy: FENY (.084%)
* 25% Total International: VXUS (.05%)
* 5% Emerging Markets: DFAE (.35%)
* 5% Developed International SCV: AVDV (.36%)
* Maybe 5% Gold (IAUM, .09%) and move VXUS to 20%
If I had to choose a portfolio tomorrow, I would make it this one and leave Gold out of it. However, there are alternatives, and if I'm going to make this tilt I want it to be as well researched and scrutinized as possible. The ETFs I'm coming across that seem fruitful tend to be active managed. Specifically, apart from US small/mid cap, they tend to be Avantis funds which are doing phenomenally well right now... so well that I'm very suspicious of them. I'm suspicious of active managed funds in general to be honest. While they might perform well overall, Avantis can't possibly keep these massive returns up over the long run (right?) so I'm looking into alternatives. If you had to pick one of each of the following ETFs to represent 5% of the portfolio, which would you choose?
# US Small Cap Blend (FSMD vs JMEE vs PRFZ)
Current Favorite (Passive Managed): **FSMD** (.15%), [Fidelity Small-Mid Multifactor](https://www.morningstar.com/etfs/arcx/fsmd/quote), Morningstar High Process Pillar, 38% turnover
Active Managed Candidate #1: **JMEE** (.24%), [JP Morgan Small & Mid Cap Enhanced Equity](https://www.morningstar.com/etfs/arcx/jmee/quote), Above Average Process Pillar, 17% Turnover
Active Managed Candidate #2: **PRFZ** (.34%), [Invesco RAFI US 1500 Small-Mid ETF](https://www.morningstar.com/etfs/xnas/prfz/quote), Above Average Process Pillar, 17% Turnover
Alternative: **Forget the Small Cap Blend** and just move SPYM to **SPTM** which has small and mid cap with the 500 for just .03%: [S&P 1500](https://www.morningstar.com/etfs/arcx/sptm/quote)
# US Small Cap Value (AVUV vs SVAL vs VBR)
Current Favorite (Active Managed): **AVUV** (.25%), [Avantis US Small Cap Value](https://www.morningstar.com/etfs/arcx/avuv/quote), Above Average Process Pillar, 4% Turnover
Passive Managed Candidate: **SVAL** (.20%), [iShares US Small Cap Value Factor](https://www.morningstar.com/etfs/bats/sval/quote), High Process Pillar, 8% Turnover
Super Cheap Alternative: **VBR** (.05%), [Vanguard Small-Cap Value](https://www.morningstar.com/etfs/arcx/vbr/quote), Above Average Process Pillar, 16% Turnover (while I expect this will be the Boglehead favorite, I've been led to believe this ETF is a bit of an imposter within the category)
# Emerging Markets (DFAE vs AVEM)
Current Favorite (Active Managed): **DFAE** (.35%), [Dimensional Emerging Core Equity Market](https://www.morningstar.com/etfs/arcx/dfae/quote), High Process Pillar (the only Emerging Markets ETF I've ever seen with one that didn't have insanely high turnover, the other 2 being [FDEM](https://www.morningstar.com/etfs/bats/fdem/quote) and [EDIV](https://www.morningstar.com/etfs/arcx/ediv/quote)), 6% Turnover
Also Active Managed Alternative: **AVEM** (.33%), [Avantis Emerging Markets Equity](https://www.morningstar.com/etfs/arcx/avem/quote), Average Process Pillar, 2% Turnover
# International Developed Small Cap Value (AVDV vs ISVL)
Current Favorite (Active Managed): **AVDV** (.36%), [Avantis International Small Cap Value](https://www.morningstar.com/etfs/arcx/avdv/quote), Above Average Process Pillar, 8% Turnover
Passive Managed Canditate, once again from BlackRock just like with US Small Cap Value: **ISVL** (.31%), [iShares International Developed Small Cap Value Factor](https://www.morningstar.com/etfs/bats/isvl/quote), High Process Pillar, *63% Turnover*
(Why does this\^ one have such alarmingly massive turnover, and how can it earn a High Process Pillar rating if that's the case??)
# A Whole Simplified Alternative with SCV tilt already built in
I appreciate any and all thoughts. I recognize I'm overthinking this, so to overthink it some more I'm proposing an alternative with just 3/4 funds that might help John Bogle stop turning over in his grave, 90% Dimensional/Avantis Global ETF, 5% US Energy, 5% Emerging Markets. The thing that makes me very skeptical about this is it's over 90% Active managed as opposed to Passive managed. That being said, Dimensional Funds are tried and true at this point, and the folks at Avantis clearly know what they're doing in the short term. We'll see about the long run. The reason I'd go with this approach is as I understand these ETFs they are designed to have the small cap value tilt within them and they're not horrendously expensive until you get to the Emerging Markets which is just 5% of the portfolio. I recognize [AVGE](https://www.morningstar.com/etfs/arcx/avge/quote) is a thing that exists that is the same idea as DFAW as well but it's just too new for me to be comfortable with investing big in it.
* 90% **DFAW** (.25%), [Dimensional World Equity](https://www.morningstar.com/etfs/arcx/dfaw/quote), Above Average Process Pillar, No Turnover listed
* 5% **AVEM** (.33%), [Avantis Emerging Markets Equity](https://www.morningstar.com/etfs/arcx/avem/quote), Average Process Pillar, 2% Turnover
* 5% **FENY** (.084%), [Fidelity MSCI Energy Index](https://www.morningstar.com/etfs/arcx/feny/quote), Above Average Process Pillar, 7% Turnover
OR
* 60% **AVUS** (.15%), [Avantis US Equity ETF](https://www.morningstar.com/etfs/arcx/avus/quote), Above Average Process Pillar, 1% Turnover
* 30% **DFAI** (.18%), [Dimensional International Core Equity Market](https://www.morningstar.com/etfs/arcx/dfai/quote), Above Average Process Pillar, 7% Turnover
* 5% **AVEE** (.42%), [Avantis Emerging Markets Small Cap Equity](https://www.morningstar.com/etfs/arcx/avee/quote), Below Average Process Pillar, 2% Turnover
* 5% **FENY** (.084%), [Fidelity MSCI Energy Index](https://www.morningstar.com/etfs/arcx/feny/quote), 7% Turnover
If you've made it this far without having a stroke, feel free to convince me to not invest in Gold ([IAUM](https://www.morningstar.com/etfs/arcx/iaum/quote), .09%), REITs ([SCHH](https://www.morningstar.com/etfs/arcx/schh/quote), ,07%), or that Fidelity Energy sector ETF. I'm really just curious about how Bogleheads who don't entirely invest in VT or total stock funds compare ETFs against each other to choose the best one. I appreciate any time you give to this, and I look forward to reading any and all comments, including and especially "VT & chill."

I realize the audacity involved with posting here about something the Bogle philosophy does not recommend, but I am curious about how people here who don't just VT and chill analyze ETFs against each other. For full transparency, I am almost finished with putting together a Roth IRA loosely based on Paul Merriman's portfolio while keeping the global market weight (\~65% US, \~35% International). I want to hold for the next 30+ years. I want it to look something like this, with a 10% tilt toward Small Cap Value and 5% toward Emerging Markets, and I'd like 5% in the US Energy sector:
* 50% US LCB (500): SPYM (.02%)
* 5% US SCB: FSMD (.15%)
* 5% US SCV: AVUV (.25%)
* 5% US Energy: FENY (.084%)
* 25% Total International: VXUS (.05%)
* 5% Emerging Markets: DFAE (.35%)
* 5% Developed International SCV: AVDV (.36%)
* Maybe 5% Gold (IAUM, .09%) and move VXUS to 20%
If I had to choose a portfolio tomorrow, I would make it this one and leave Gold out of it. However, there are alternatives, and if I'm going to make this tilt I want it to be as well researched and scrutinized as possible. The ETFs I'm coming across that seem fruitful tend to be active managed. Specifically, apart from US small/mid cap, they tend to be Avantis funds which are doing phenomenally well right now... so well that I'm very suspicious of them. I'm suspicious of active managed funds in general to be honest. While they might perform well overall, Avantis can't possibly keep these massive returns up over the long run (right?) so I'm looking into alternatives. If you had to pick one of each of the following ETFs to represent 5% of the portfolio, which would you choose?
# US Small Cap Blend (FSMD vs JMEE vs PRFZ)
Current Favorite (Passive Managed): **FSMD** (.15%), [Fidelity Small-Mid Multifactor](https://www.morningstar.com/etfs/arcx/fsmd/quote), Morningstar High Process Pillar, 38% turnover
Active Managed Candidate #1: **JMEE** (.24%), [JP Morgan Small & Mid Cap Enhanced Equity](https://www.morningstar.com/etfs/arcx/jmee/quote), Above Average Process Pillar, 17% Turnover
Active Managed Candidate #2: **PRFZ** (.34%), [Invesco RAFI US 1500 Small-Mid ETF](https://www.morningstar.com/etfs/xnas/prfz/quote), Above Average Process Pillar, 17% Turnover
Alternative: **Forget the Small Cap Blend** and just move SPYM to **SPTM** which has small and mid cap with the 500 for just .03%: [S&P 1500](https://www.morningstar.com/etfs/arcx/sptm/quote)
# US Small Cap Value (AVUV vs SVAL vs VBR)
Current Favorite (Active Managed): **AVUV** (.25%), [Avantis US Small Cap Value](https://www.morningstar.com/etfs/arcx/avuv/quote), Above Average Process Pillar, 4% Turnover
Passive Managed Candidate: **SVAL** (.20%), [iShares US Small Cap Value Factor](https://www.morningstar.com/etfs/bats/sval/quote), High Process Pillar, 8% Turnover
Super Cheap Alternative: **VBR** (.05%), [Vanguard Small-Cap Value](https://www.morningstar.com/etfs/arcx/vbr/quote), Above Average Process Pillar, 16% Turnover (while I expect this will be the Boglehead favorite, I've been led to believe this ETF is a bit of an imposter within the category)
# Emerging Markets (DFAE vs AVEM)
Current Favorite (Active Managed): **DFAE** (.35%), [Dimensional Emerging Core Equity Market](https://www.morningstar.com/etfs/arcx/dfae/quote), High Process Pillar (the only Emerging Markets ETF I've ever seen with one that didn't have insanely high turnover, the other 2 being [FDEM](https://www.morningstar.com/etfs/bats/fdem/quote) and [EDIV](https://www.morningstar.com/etfs/arcx/ediv/quote)), 6% Turnover
Also Active Managed Alternative: **AVEM** (.33%), [Avantis Emerging Markets Equity](https://www.morningstar.com/etfs/arcx/avem/quote), Average Process Pillar, 2% Turnover
# International Developed Small Cap Value (AVDV vs ISVL)
Current Favorite (Active Managed): **AVDV** (.36%), [Avantis International Small Cap Value](https://www.morningstar.com/etfs/arcx/avdv/quote), Above Average Process Pillar, 8% Turnover
Passive Managed Canditate, once again from BlackRock just like with US Small Cap Value: **ISVL** (.31%), [iShares International Developed Small Cap Value Factor](https://www.morningstar.com/etfs/bats/isvl/quote), High Process Pillar, *63% Turnover*
(Why does this\^ one have such alarmingly massive turnover, and how can it earn a High Process Pillar rating if that's the case??)
# A Whole Simplified Alternative with SCV tilt already built in
I appreciate any and all thoughts. I recognize I'm overthinking this, so to overthink it some more I'm proposing an alternative with just 3/4 funds that might help John Bogle stop turning over in his grave, 90% Dimensional/Avantis Global ETF, 5% US Energy, 5% Emerging Markets. The thing that makes me very skeptical about this is it's over 90% Active managed as opposed to Passive managed. That being said, Dimensional Funds are tried and true at this point, and the folks at Avantis clearly know what they're doing in the short term. We'll see about the long run. The reason I'd go with this approach is as I understand these ETFs they are designed to have the small cap value tilt within them and they're not horrendously expensive until you get to the Emerging Markets which is just 5% of the portfolio. I recognize [AVGE](https://www.morningstar.com/etfs/arcx/avge/quote) is a thing that exists that is the same idea as DFAW as well but it's just too new for me to be comfortable with investing big in it.
* 90% **DFAW** (.25%), [Dimensional World Equity](https://www.morningstar.com/etfs/arcx/dfaw/quote), Above Average Process Pillar, No Turnover listed
* 5% **AVEM** (.33%), [Avantis Emerging Markets Equity](https://www.morningstar.com/etfs/arcx/avem/quote), Average Process Pillar, 2% Turnover
* 5% **FENY** (.084%), [Fidelity MSCI Energy Index](https://www.morningstar.com/etfs/arcx/feny/quote), Above Average Process Pillar, 7% Turnover
OR
* 60% **AVUS** (.15%), [Avantis US Equity ETF](https://www.morningstar.com/etfs/arcx/avus/quote), Above Average Process Pillar, 1% Turnover
* 30% **DFAI** (.18%), [Dimensional International Core Equity Market](https://www.morningstar.com/etfs/arcx/dfai/quote), Above Average Process Pillar, 7% Turnover
* 5% **AVEE** (.42%), [Avantis Emerging Markets Small Cap Equity](https://www.morningstar.com/etfs/arcx/avee/quote), Below Average Process Pillar, 2% Turnover
* 5% **FENY** (.084%), [Fidelity MSCI Energy Index](https://www.morningstar.com/etfs/arcx/feny/quote), 7% Turnover
If you've made it this far without having a stroke, feel free to convince me to not invest in Gold ([IAUM](https://www.morningstar.com/etfs/arcx/iaum/quote), .09%), REITs ([SCHH](https://www.morningstar.com/etfs/arcx/schh/quote), ,07%), or that Fidelity Energy sector ETF. I'm really just curious about how Bogleheads who don't entirely invest in VT or total stock funds compare ETFs against each other to choose the best one. I appreciate any time you give to this, and I look forward to reading any and all comments, including and especially "VT & chill."